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Litecoin will be removed from BL3P
Litecoin is being phased out and this means that the corresponding LTC/EUR trading pair is being removed.
What steps can you expect?
As of 10 May 2021 (14:00 CEST) we will disable the Litecoin (LTC/EUR) market and deposits - therefore you will no longer be able to trade and send LTC into your BL3P account.
As of 10 November 2021 (14:00 CEST) we will disable Litecoin (LTC) withdrawals and will convert any LTC remaining in your account to BTC and this will be added to your BL3P bitcoin balance.
You therefore have until next 10 November to withdraw your Litecoin credit from BL3P. You can choose to transfer it to a wallet or trade it on another exchange.
From that time on Litecoin will be completely removed from our exchange and we will remove any related text (FAQ) and such. Your transaction history will still be available in your account.
Why have we added Litecoin to our platform?
The reason we added Litecoin on 24 April 2017 can be read here - in brief:
Litecoin was used as a test network with a real value (as opposed to testnet). The addition of Segregated Witness and experiments with Lightning Network protocol were a good example of this;
Litecoin was used as a cheap and fast way to make transactions between exchanges. At the end of 2017, the network was very busy which led to high waiting times and transaction costs;
The activation of Segwit on both Litecoin and Bitcoin made it possible to create atomic cross-chain transactions.
Why phase out Litecoin?
The reasons mentioned above no longer apply and we want to only focus on Bitcoin and related concepts:
Segwit is in effect on Bitcoin and provides efficiency on the network - fee optimizations and faster validation;
Lightning Network provides fast and cheap transactions and therefore also reduces the pressure on the network;
Experiments with Atomic swaps have been completed and are not relevant to offer to customers for this reason;
Litecoin no longer meets our core values and from this vision, we do not want to offer this coin to customers anymore and we do not want to continue supporting this software (node).